My time is short, so let me get to my subject without delay.I begin with a few observations on the Reality we face.First, the bad news - not all of it, just some of it; just four things that I regard as being among the more worrisome realities that confront us today.Firstly, in terms of aggregate dollar volume, we are a much smaller industry now than we were just a few years ago ...
Lawyers are often criticised for using overly complex legal and technical wording in contracts. The purpose of a contract is, amongst other things, to clearly set out the rights and obligations of the contracting parties, and to limit uncertainty during the particular project. To this end, it is important to use plain English in contract drafting and as a general rule, to use short sentences, defined terms and a clear and logical structure ...
Months into the United States’ trade dispute with China, and there is no end in sight to the dispute. There are three significant deadlines for U.S. importers to consider involving the tariffs the U.S ...
Morgan & Morgan opened its first offices in The Bahamas since 1991. We created MMG (Bahamas) Ltd. as a corporate service and later on, in 1996, founded MMG Bank & Trust Ltd., which started our financial unit´s successful path into the financial service industry ...
Earlier this year, in Kim v. Toyota Motor Corp., the California Supreme Court delivered a significant win to product manufacturers concerning the admissibility of industry custom and practice evidence in a strict product liability design defect action. Haynes and Boone, LLP Partner M.C ...
As a business owner in the Pacific Northwest, you likely have heard of the changes to California’s regulations regarding warning labels on consumer products, Proposition 65, which takes effect August 30, 2018. Your business may be affected by the changes if your business conducts any consumer product-related business in California ...
In the recent budget exercise completed by the Bahamas Government, certain significant changes to the regime for Real Property Tax in The Bahamas were announced and have received a great deal of focus.It is important to take specific advice regarding the annual real property taxes which may be payable in respect of your property, how and when taxes should be paid, and the exemptions (if any) which might be available to you in respect of your property ...
DJIBOUTI: International Free Trade Zone launchedThe first phase of the Djibouti International Free Trade Zone (“DIFTZ”), expected to be the largest free trade zone in Africa, was launched on 5 July 2018. The DIFTZ will house a variety of manufacturing plants and offer investors various incentives, including tax exemptions ...
Under South African corporate reorganisation rules, tax consequences are deferred and do not crystalise at the time of the transaction, but a carefully planned restructuring transaction may result in hardship due to subsequent events. A recently proposed amendment illustrates this risk.Tax relief under the existing corporate reorganisation rules may be neutralised if assets acquired in terms of these rules are disposed of within 18 months ...
In a previous ENSight, we discussed the decision of the Labour Court in Mtati v KPMG Services (Pty) Ltd. In this case, it was decided that employees may not be disciplined if they have resigned “with immediate effect”. The resignation is regarded as terminating the contract of employment immediately and the consequence is that the employer is denied the opportunity to pursue disciplinary action against the employee. A subsequent dismissal will be null and void ...
The South African Revenue Service (“SARS”) issued Binding General Ruling No. 48 (“BGR 48”) on 25 July 2018, which provides much needed clarification for residential property developers following the recent cessation of relief under section 18B of the Value-Added Tax Act, 1991 (the “VAT Act”) ...
The Industrial Court is a creature of statute. In determining a particular dispute, the Industrial Court must act in accordance with the purposes and express provisions of the Industrial Relations Act 1967 (“Act”). The Court must also act according to “equity, good conscience and the substantial merits of the case without regard to technicalities and legal form” [1] ...
Register your property Online.Registering for an online real property tax account at propertytax.gov.bs is easy, and all that is needed is the property assessment and grid numbers (found on any bill or tax certificate). Once registered, the online account is a convenient way of keeping track of your account. Payment can also be made through the online account, and a tax certificate can be printed directly from the account.Pay the tax by 31st March and enjoy a 10% reduction ...
In North Midland Building Ltd v Cyden Homes Ltd, the Court of Appeal held that an express contractual term allowing an employer to levy liquidated damages for periods of concurrent delay took precedence over a common law principle known as the prevention principle. Background Cyden Homes Limited (CH) employed a contractor, North Midland Building Limited (NMB), to design and build a large house in the Midlands, under a JCT Design and Build construction contract ...
The tax act (Pub. L. No. 115-97) introduced a new program designed to encourage investments in low-income communities throughout the country that have been designated as qualified opportunity zones (“Opportunity Zones”). Each state and U.S. territory was allowed to designate up to 25 percent of eligible low-income communities as Opportunity Zones ...
Two recent cases and a recently-released Internal Revenue Service (IRS) Program Manager Technical Advice Memorandum have sent shockwaves through the voluntary disclosure community. All three developments give offshore account-holders something to cheer. PMTA 2018-13 In previous client alerts, we have discussed the definition of "willfulness" in the context of offshore assets and, more recently, the closing of the Offshore Voluntary Disclosure Program (OVDP) ...
In addition to providing guidance on a number of transfer pricing related issues relating to aligning transfer pricing outcomes with value creation, the 2015 final report on Base Erosion and Profit Shifting - Actions 8 to 10 mandated follow-up work on the transfer pricing aspects of financial transactions. The Organisation for Economic Co-operation and Development’s (“OECD’s”) Committee on Fiscal Affairs Working Party No ...
The Tax Cuts and Jobs Act ("TCJA") provides new exclusion and deferral benefits for investors who purchase interests in qualified opportunity funds. Much like qualified small business stock ("QSBS") under IRC sections 1202 and 1045, new IRC section 1400Z-2 allows investors to defer and, in some cases, exclude gain on the sale of assets. However, gain can be deferred under IRC section 1400Z-2 only if invested in designated low-income communities ...
It is fair to say that one of most consistent complaints we hear from taxpayers regards the issues associated with applying and obtaining a Value Added Tax (VAT) refund in Cambodia. Until now the VAT refund process was a very lengthy process – sometimes taking years – and often subject to uncertainty and delays ...
The Ministry of Planning and Finance issued Notification 47/2018, outlining the new withholding tax (“WHT”) rules that now apply on payments to resident and non-resident taxpayers in Myanmar. This Notification is effective from earlier this year and will supersede the current WHT Notification 51/2017 that was issued last year ...
The Affordable Care Act ("ACA") is alive and well, despite renewed legal challenges and the elimination of the “individual mandate” beginning next year. While the Tax Cuts and Jobs Act reduced the tax penalty for individuals who don’t have health coverage to $0, effective for 2019, employers continue to be subject to penalties for failing to comply with certain ACA rules ...
According to the bill, online purchases will also be taxed Recently, the government announced the submission of the latest tax reform to the Legislative Assembly, which is called the Public Finance Enhancement Plan. This new tax package is the merging of four projects that have been floating around the Legislative Assembly for a few months now ...
Out-of-State Sellers Can Now Be Required to Collect and Remit State Sales Tax Even When They Don’t Have a Physical Presence in the State In a recent 5-4 ruling, the Supreme Court, in South Dakota v. Wayfair, abandoned its physical presence standard established in National Bella Hess, Inc. v. Department of Revenue of Ill. and Quill Corp. v. North Dakota ...